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Cautionary tale shows need to ‘get in the consumer’s moment’
Posted Date: Monday, February 18, 2019
One company took the worst thing that could happen to a consumer — falling victim to wire fraud — and turned it into an opportunity to learn and educate all parties to the transaction about the risks of cybertheft. Read on for more details.
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Former title CEO Hardwick sentenced to 15 years
Posted Date: Wednesday, February 13, 2019
Nathan E. Hardwick IV, former LandCastle Title LLC CEO, has been sentenced to 15 years in federal prison for orchestrating a scheme to defraud his law firm out of millions of dollars. On Oct. 12, 2018, following a four-week trial, a federal jury convicted Hardwick of wire fraud, conspiracy, and making false statements to a federally insured financial institution. Read on for more details.
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Borrowers allege kickback scheme
Posted Date: Wednesday, February 13, 2019
A group of borrowers in New Jersey filed a class action suit against their lender and settlement service provider, arguing that they are the victim of a kickback scheme by which the settlement provider provided leads in return for referrals of business. Read on for more details.
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Illinois considers choice of title company bill
Posted Date: Wednesday, February 6, 2019
The Illinois General Assembly is considering a bill that would amend the state’s Title Insurance Act to establish that it is public policy that parties for the sale of residential property who are obligated to pay for certain products and services related to title insurance have the right to choose the independent escrowee that will provide those products and services. It also would require that in counties with more than 500,000 people, the title company that issues the owner’s title policy would have to also provide the lender’s policy. Read on for more details.
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NYSDFS updates title regulation guidance
Posted Date: Wednesday, February 6, 2019
The New York State Department of Financial Services, issued Supplement No. 2, to Insurance Circular Letter No. 1 (2003), to provide guidance to the title industry regarding Regulation 208 and the impact of the appellate division decision in its case with the New York State Land Title Association. Read on for more details.
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Vermont Department of Financial Regulation gets new website
Posted Date: Monday, February 11, 2019
The Vermont Department of Financial Regulation (DFR) has accelerated a long-planned migration to a new website. The department’s legacy website was taken offline proactively as a precautionary measure on Jan. 29, 2019, as a result of an identified security vulnerability and has remained offline as the Agency of Digital Services (ADS) completes a full risk assessment. Read on for more details.
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Lenders dispute priority amid suspicious recordings
Posted Date: Wednesday, February 13, 2019
The holders of mortgages on property in Florida dispute the priority of their mortgage liens. While one was recorded prior to the other, a series of suspicious documents and occurrences called that priority into question. After the trial court granted the second lender’s motion for summary judgment in the first lender’s case against it, the first lender appealed. Read on for more details.
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Homeowner sues title company for balance after foreclosure
Posted Date: Wednesday, February 13, 2019
A homeowner in Maryland originally filed a complaint with the Maryland Insurance Administration, arguing that her title agency had violated state law by failing to reimburse her for the remaining balance on her mortgage after her home was foreclosed. The case eventually went before the Court of Special Appeals of Maryland. Read on for more details.
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Illinois considers good funds amendment
Posted Date: Wednesday, February 13, 2019
The Illinois General Assembly is considering a bill that would amend the Title Insurance Act to provide that the definition of good funds includes a check drawn on the fiduciary trust account of an independent escrowee. Read on for more details.
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Utah considers recording fee changes
Posted Date: Monday, February 11, 2019
The Utah Legislature is considering a bill that would increase certain statutorily defined recording fees and modify the recording fee structure to a per-recording rather than a per-page fee. Read on for more details.
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New York considers restrictive covenant modification legislation
Posted Date: Monday, February 11, 2019
The New York Assembly is considering a bill that would provide for notice of illegal restrictive covenant language in documents to be recorded, as well as the recordation of restrictive covenant modification documents where conveyance instruments include language violative of civil rights law. The bill would require title insurance companies to include the notice in title abstract reports and to inform the purchaser of the ability from the county recorder of restrictive covenant modification documents. Read on for more details.
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Wisconsin announces leadership appointments
Posted Date: Monday, February 11, 2019
Wisconsin’s new insurance commissioner, Mark Afable, announced the remaining appointments to the Office of the Commissioner of Insurance’s (OCI) leadership team. Read on for more information about the appointments.
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Owner of Long Island mortgage lender pleads guilty
Posted Date: Monday, February 11, 2019
In federal court in Central Islip, New York, Edward E. Bohm, president of sales and an undisclosed owner of Long Island mortgage lender Vanguard Funding, LLC (Vanguard), pleaded guilty to conspiring to commit wire fraud and bank fraud in connection with the illegal diversion of more than $8.9 million of warehouse loans that Vanguard had obtained to fund mortgages. Read on for more details.
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Illinois considers changing title insurance regulator
Posted Date: Wednesday, February 6, 2019
The Illinois General Assembly is considering shifting the regulation and enforcement of the state’s Title Insurance Act from the Illinois Department of Financial and Professional Regulation to the Illinois Department of Insurance. Read on for more details.
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CFPB settlement includes GLBA notice violations
Posted Date: Wednesday, February 6, 2019
The Consumer Financial Protection Bureau announced a settlement with Cash Tyme, a payday retail lender with outlets in seven states. Among other things, the bureau found that Cash Tyme violated the Gramm-Leach-Bliley Act for its handling of privacy notifications. Read on for more details.
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New York reminds entities of deadline for cybersecurity reg
Posted Date: Wednesday, February 6, 2019
New York Department of Financial Services (DFS) Superintendent Maria T. Vullo reminded DFS-regulated entities and licensed persons covered by its cybersecurity regulation that the final implementation period for the regulation ends March 1, 2019. The regulation went into effect March 1, 2017, with a two-year timeline for implementation of the regulation’s requirements. Read on for more details.
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Report: Firms unprepared for cybersecurity reg changes
Posted Date: Wednesday, February 6, 2019
A new report, The 2019 Compliance Landscape Report, issued by Edgile, shows that in 2018, at least 35 states considered more than 265 cybersecurity related bills, 50 of which became law. The report stated that many companies are not prepared for the rapidly changing regulatory environment. Read on for more details.
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